One-Page Deal Sheet
Oxy to Sell Off Bakken/Three Forks Assets for $600 Million
Lime Rock Resources Occidental Petroleum Corp
Announced Date
October 16,2015
Transaction Type
Property
Enterprise Value (EV)($MM)
590
Asset/Basin:
{"Williston Basin"}
TargetZones:
{Bakken,"Three Forks
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Williston Basin
Country
United States
State
North Dakota
County
Dunn ,Billings ,Burke
Play
Production Production
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
Transaction Details: Require Private Equity Subscription
Occidental Petroleum has agreed to divest its entire North Dakota portfolio as part of a deal with private equity firm Lime Rock Resources, according to a report by Reuters.
Sources estimate that the deal will be valued at approximately $500 million. Low commodity prices have taken a toll on acreage values across the board. Last year, Oxy's North Dakota assets were valued around $3.0 billion.
This will not be Lime Rock Resources' first foray into the Bakken. The company currently has two prospects in North Dakota, the West Stanley and Sanish.
Both companies declined to comment further on the…
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